ITC (ITC) 10-Q2 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 01, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-32576
Entity Registrant Name	ITC HOLDINGS CORP.
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	32-0058047
Entity Address, Address Line One	27175 Energy Way
Entity Address, City or Town	Novi
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48377
City Area Code	248
Local Phone Number	946-3000
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		224,203,112
Entity Central Index Key	0001317630
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 296	$ 4
Accounts receivable	171	139
Inventory	60	55
Regulatory assets	21	12
Prepaid and other current assets	21	19
Total current assets	569	229
Property, plant and equipment (net of accumulated depreciation and amortization of $2,479 and $2,382, respectively)	10,962	10,637
Other assets
Goodwill	950	950
Regulatory assets	200	181
Other assets	133	134
Total other assets	1,283	1,265
TOTAL ASSETS	12,814	12,131
Current liabilities
Accounts payable	96	112
Accrued compensation	49	59
Accrued interest	68	69
Accrued taxes	78	72
Regulatory liabilities	31	22
Refundable deposits and advances for construction	44	26
Debt maturing within one year	400	384
Other current liabilities	12	15
Total current liabilities	778	759
Accrued pension and postretirement liabilities	41	41
Deferred income taxes	1,364	1,303
Regulatory liabilities	662	676
Refundable deposits	37	29
Other liabilities	35	44
Long-term debt	7,133	6,607
Commitments and contingent liabilities (Notes 4 and 11)
TOTAL LIABILITIES	10,050	9,459
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at June 30, 2023 and December 31, 2022	892	892
Retained earnings	1,843	1,753
Accumulated other comprehensive income	29	27
Total stockholder’s equity	2,764	2,672
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	$ 12,814	$ 12,131

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 2,479	$ 2,382
Common stock, without par value	$ 0	$ 0
Common Stock, Shares Authorized	235,000,000	235,000,000
Common Stock, Shares, Issued	224,203,112	224,203,112
Common Stock, Shares, Outstanding	224,203,112	224,203,112

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING REVENUES
Transmission and other services	$ 393	$ 387	$ 739	$ 714
Formula Rate true-up	(6)	(20)	31	18
Total operating revenues	387	367	770	732
OPERATING EXPENSES
Operation and maintenance	30	27	57	54
General and administrative	26	26	60	59
Depreciation and amortization	76	74	151	146
Taxes other than income taxes	37	37	75	73
Other operating (income) expenses, net	(1)	0	(1)	0
Total operating expenses	168	164	342	332
OPERATING INCOME	219	203	428	400
OTHER EXPENSES (INCOME)
Interest expense, net	78	66	152	130
Allowance for equity funds used during construction	(11)	(8)	(22)	(17)
Other (income) expenses, net	(3)	1	(5)	3
Total other expenses (income)	64	59	125	116
INCOME BEFORE INCOME TAXES	155	144	303	284
INCOME TAX PROVISION	37	33	73	67
Net Income (Loss) Attributable to Parent, Total	118	111	230	217
OTHER COMPREHENSIVE INCOME
Derivative instruments, net of tax (Note 8)	2	7	2	23
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX	2	7	2	23
TOTAL COMPREHENSIVE INCOME	$ 120	$ 118	$ 232	$ 240

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2021	$ 2,474	$ 892	$ 1,584	$ (2)
NET INCOME	106		106
Dividends to ITC Investment Holdings	(64)		(64)
Total other comprehensive income, net of tax	16			16
Stockholders' Equity Attributable to Parent, balance at end of period at Mar. 31, 2022	2,532	892	1,626	14
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2021	2,474	892	1,584	(2)
NET INCOME	217
Dividends to ITC Investment Holdings	(128)
Total other comprehensive income, net of tax	23
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2022	2,586	892	1,673	21
Stockholders' Equity Attributable to Parent, balance at beginning of period at Mar. 31, 2022	2,532	892	1,626	14
NET INCOME	111		111
Dividends to ITC Investment Holdings	(64)		(64)
Total other comprehensive income, net of tax	7			7
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2022	2,586	892	1,673	21
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2022	2,672	892	1,753	27
NET INCOME	112		112
Dividends to ITC Investment Holdings	(70)		(70)
Stockholders' Equity Attributable to Parent, balance at end of period at Mar. 31, 2023	2,714	892	1,795	27
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2022	2,672	892	1,753	27
NET INCOME	230
Dividends to ITC Investment Holdings	(140)
Total other comprehensive income, net of tax	2
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2023	2,764	892	1,843	29
Stockholders' Equity Attributable to Parent, balance at beginning of period at Mar. 31, 2023	2,714	892	1,795	27
NET INCOME	118		118
Dividends to ITC Investment Holdings	(70)		(70)
Total other comprehensive income, net of tax	2			2
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2023	$ 2,764	$ 892	$ 1,843	$ 29

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 230	$ 217
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	151	146
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest	(35)	(14)
Deferred income tax expense	47	62
Allowance for equity funds used during construction	(22)	(17)
Share-based compensation	9	11
Other	9	10
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable	(31)	(54)
Accounts payable	2	13
Accrued compensation	(10)	(18)
Accrued taxes	7	12
Other current and non-current assets and liabilities, net	(24)	(19)
Net cash provided by operating activities	333	349
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(445)	(479)
Other	(10)	3
Net cash used in investing activities	(455)	(476)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt, net	799	225
Borrowings under revolving credit agreements	570	454
Net (repayment) issuance of commercial paper	(134)	129
Repayment of long-term debt	(250)	0
Repayments of revolving credit agreements	(440)	(534)
Dividends to ITC Investment Holdings	(140)	(128)
Refundable deposits from generators for transmission network upgrades	34	0
Repayment of refundable deposits from generators for transmission network upgrades	(15)	(4)
Other	(9)	(2)
Net cash provided by financing activities	415	140
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	293	13
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	6	7
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	$ 299	$ 20

GENERAL

GENERAL	6 Months Ended
GENERAL	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL ITC Holdings and its subsidiaries are engaged in the transmission of electricity in the United States. ITC Holdings is a wholly-owned subsidiary of ITC Investment Holdings. Fortis owns a majority indirect equity interest in ITC Investment Holdings, with GIC holding an indirect, passive, non-voting equity interest of 19.9%. Through our Regulated Operating Subsidiaries, we own, operate, maintain and invest in high-voltage transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma and Wisconsin that transmit electricity from generating stations to local distribution facilities connected to our transmission systems. Basis of Presentation These condensed consolidated interim financial statements should be read in conjunction with the notes to the consolidated financial statements as of and for the year ended December 31, 2022 included in ITC Holdings’ annual report on Form 10-K for such period. The accompanying condensed consolidated interim financial statements have been prepared using GAAP and with the instructions to Form 10-Q and Rule 10-01 of SEC Regulation S-X as they apply to interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These accounting principles require us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The condensed consolidated interim financial statements are unaudited but, in our opinion, include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Our total revenues are comprised of revenues which arise from three classifications including transmission services, other services, and Formula Rate true-up. As other services revenue is immaterial, it is presented in combination with transmission services on the condensed consolidated statements of comprehensive income. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collect fees for the use of our transmission systems. No component of the transaction price is allocated to unsatisfied performance obligations. Transmission service revenue includes an estimate for unbilled revenues from service that has been provided but not billed by the end of an accounting period. Unbilled revenues are dependent upon a number of factors that require management’s judgment including estimates of transmission network load (for the MISO Regulated Operating Subsidiaries) and preliminary information provided by billing agents. Due to the seasonal fluctuations of actual load, the unbilled revenue amount generally increases during the spring and summer and decreases during the fall and winter. See Note 3 for information on changes in unbilled accounts receivable. Other Services Other services revenue consists of rental revenues, easement revenues and amounts from providing ancillary services. A portion of other services revenue is treated as a revenue credit and reduces gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue for each of the three months ended June 30, 2023 and 2022 was $1 million. Total other services revenue for the six months ended June 30, 2023 and 2022 was $3 million and $2 million, respectively. Formula Rate True-Up The true-up mechanism under our Formula Rates is considered an alternative revenue program of a rate-regulated utility given it permits our Regulated Operating Subsidiaries to adjust future rates in response to past activities or completed events in order to collect our actual revenue requirements under our Formula Rates. In accordance with our accounting policy, only the current year origination of the true-up is reported as a Formula Rate true-up. See “Cost-Based Formula Rates with True-Up Mechanism” in Note 4 for more information on our Formula Rates.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	6 Months Ended
ACCOUNTS RECEIVABLE	Jun. 30, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE The following table presents the components of accounts receivable on the condensed consolidated statements of financial position: June 30, December 31, (In millions of USD) 2023 2022 Trade accounts receivable $ 2 $ 2 Unbilled accounts receivable 155 124 Other (a) 14 13 Total accounts receivable $ 171 $ 139 ____________________________ (a) Includes amounts due from affiliates, see “Related Party Receivables and Payables” in Note 10 for additional information.

REGULATORY MATTERS

REGULATORY MATTERS	6 Months Ended
REGULATORY MATTERS	Jun. 30, 2023
Regulated Operations [Abstract]
REGULATORY MATTERS	REGULATORY MATTERS Cost-Based Formula Rates with True-Up Mechanism The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually using Formula Rates and remain in effect for a one-year period. By updating the inputs to the formula and resulting rates on an annual basis, the revenues at our Regulated Operating Subsidiaries reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. The formula used to derive the rates does not require further action or FERC filings each year, although the formula inputs remain subject to legal challenge at the FERC. Our Regulated Operating Subsidiaries will continue to use the formula to calculate their respective annual revenue requirements unless the FERC determines the resulting rates to be unjust and unreasonable and another mechanism is determined by the FERC to be just and reasonable. See “Rate of Return on Equity Complaints” in Note 11 for detail on ROE matters for our MISO Regulated Operating Subsidiaries and “ROE and Incentive Adders for Transmission Rates” and “Capital Structure Complaint” discussed herein. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements. Revenue is recognized for services provided during each reporting period based on actual revenue requirements calculated using the formula. Our Regulated Operating Subsidiaries accrue or defer revenues to the extent that the actual revenue requirement for the reporting period is higher or lower, respectively, than the amounts billed relating to that reporting period. The amount of accrued or deferred revenues is reflected in future revenue requirements and thus flows through to customer bills within two years under the provisions of our Formula Rates. The net changes in regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, were as follows during the six months ended June 30, 2023: (In millions of USD) Total Net regulatory liabilities as of December 31, 2022 $ (20) Net refund of 2021 revenue deferrals and accruals, including accrued interest 6 Net revenue accrual, including accrued interest 30 Net accrued interest payable (1) Net regulatory assets as of June 30, 2023 $ 15 Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded in the condensed consolidated statements of financial position as follows: June 30, December 31, (In millions of USD) 2023 2022 Current regulatory assets $ 21 $ 12 Non-current regulatory assets 45 29 Current regulatory liabilities (31) (22) Non-current regulatory liabilities (20) (39) Net regulatory assets (liabilities) $ 15 $ (20) ROE and Incentive Adders for Transmission Rates The FERC has authorized the use of ROE incentives, or adders, that can be applied to the rates of TOs when certain conditions are met. Our MISO Regulated Operating Subsidiaries and ITC Great Plains utilize ROE adders related to independent transmission ownership and RTO participation. The FERC issued a NOPR on March 20, 2020, and a supplemental NOPR on April 15, 2021, proposing to update its transmission incentives policy to remove incentives for independent transmission ownership and RTO participation and to grant incentives for certain transmission projects. As of June 30, 2023, no final determination had been made on these NOPRs and we cannot predict whether this will have a material impact on us. MISO Regulated Operating Subsidiaries For the three and six months ended June 30, 2023 and 2022, the authorized ROE used by the MISO Regulated Operating Subsidiaries was 10.77% and is composed of a base ROE of 10.02% with a 25 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. See “Rate of Return on Equity Complaints” in Note 11 for a discussion of the MISO ROE Complaints. ITC Great Plains For the three and six months ended June 30, 2023 and 2022, the authorized ROE used by ITC Great Plains was 11.41% and is composed of a base ROE of 10.66% with a 25 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. Capital Structure Complaint On May 10, 2022, the Iowa Coalition for Affordable Transmission, including IP&L, filed a complaint with the FERC under Section 206 of the FPA. Specifically, the complaint alleged that ITC Midwest does not meet the FERC’s three-part test for authorizing the use of a utility’s actual capital structure for ratemaking purposes which requires that ITC Midwest 1) issue its own debt without guarantees, 2) have its own credit rating, and 3) have a capital structure within the range of capital structures previously approved by the Commission. The Iowa Coalition for Affordable Transmission asked the FERC to reduce ITC Midwest’s equity component from 60% to 53%. On November 2, 2022, the FERC issued an order denying the complaint. On December 2, 2022, the Iowa Coalition for Affordable Transmission filed a request for rehearing with the FERC. On March 16, 2023, the FERC confirmed the previous order denying the complaint and we consider the matter to be closed.

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT ITC Holdings Senior Unsecured Notes On June 1, 2023, ITC Holdings completed a private offering of Senior Notes totaling $800 million, which included $500 million aggregate principal amount of unsecured 5.40% Senior Notes, due June 1, 2033, and an additional $300 million aggregate principal amount issued of its existing unsecured 4.95% Senior Notes, due September 22, 2027. The issuance increased the total aggregate principal amount issued of the 4.95% Senior Notes to $900 million. The 5.40% and the 4.95% Senior Notes are redeemable prior to March 1, 2033 and August 22, 2027, respectively, in whole or in part and at the option of ITC Holdings, by paying an applicable make whole premium. The total net proceeds from the offering, after discount and costs related to the issuances, were used to redeem in full $250 million aggregate principal amount of ITC Holdings 4.05% Senior Notes, due July 1, 2023, to repay indebtedness outstanding under the commercial paper program and for general corporate purposes. The 4.95% and 5.40% Senior Notes were issued under ITC Holdings’ indenture, dated April 18, 2013, between ITC Holdings and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, as supplemented from time to time, including by the Sixth and Seventh Supplemental Indentures, dated as of September 22, 2022 and June 1, 2023, respectively. Commercial Paper Program ITC Holdings has an ongoing commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate amount not to exceed $400 million outstanding at any one time. At June 30, 2023, ITC Holdings did not have any commercial paper issued and outstanding under the program. At December 31, 2022, ITC Holdings had $134 million of commercial paper issued and outstanding. Amounts outstanding are classified as debt maturing within one year in the condensed consolidated statements of financial position. The Company’s Revolving Credit Agreement may be used to repay commercial paper issued pursuant to the commercial paper program. Revolving Credit Agreement On April 14, 2023, ITC Holdings, ITCTransmission, METC, ITC Midwest and ITC Great Plains entered into the Revolving Credit Agreement. In connection with the closing of the Revolving Credit Agreement, the borrowers used funds borrowed under the Revolving Credit Agreement to replace and refinance in full, the previous revolving credit agreements. The Revolving Credit Agreement established an unguaranteed, unsecured revolving credit facility under which the borrowers may borrow an aggregate principal amount of $1 billion (subject to certain borrowing sublimits for each of the borrowers as set forth in the Revolving Credit Agreement). The Revolving Credit Agreement has a maturity date of April 14, 2028 and the interest rate is based on a calculation that references either SOFR or a comparable benchmark as further outlined in the Revolving Credit Agreement. At June 30, 2023, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available: (In millions of USD, except percentages) Total Outstanding Unused Weighted Average Commitment ITC Holdings $ 400 $ — $ 400 — % 0.175 % ITCTransmission 175 98 77 6.14 % 0.100 % METC 175 88 87 6.14 % 0.100 % ITC Midwest 225 132 93 6.14 % 0.100 % ITC Great Plains 25 20 5 6.14 % 0.100 % Total $ 1,000 $ 338 $ 662 ____________________________ (a) Represents the current borrowing sublimit. Individual sublimits may be adjusted, subject to certain maximum individual sublimits and the aggregate limit under the Revolving Credit Agreement. (b) Included within long-term debt in the condensed consolidated statements of financial position. (c) Interest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing. (d) Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating. Derivative Instruments and Hedging Activities

RETIREMENT BENEFITS AND ASSETS

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	6 Months Ended
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	Jun. 30, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits Disclosure	RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Pension Plan Benefits We have a qualified defined benefit pension plan (the “retirement plan”) for eligible employees, comprised of a traditional final average pay plan and a cash balance plan. The traditional final average pay plan is noncontributory, covers select employees, and provides retirement benefits based on years of benefit service, average final compensation and age at retirement. The cash balance plan is also noncontributory, covers substantially all employees and provides retirement benefits based on eligible compensation and interest credits. Our funding practice for the retirement plan is generally to fund the annual net pension cost, though we may adjust our funding as necessary based on consideration of federal funding requirements, the funded status of the plan, and other considerations as we deem appropriate. We also have two supplemental nonqualified, noncontributory, defined benefit pension plans for selected management employees (the “supplemental benefit plans” and, collectively with the retirement plan, the “pension plans”). The supplemental benefit plans provide for benefits that supplement those provided by the retirement plan. Net periodic benefit cost for the pension plans, by component, was as follows: Three months ended Six months ended June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Service cost $ 2 $ 2 $ 4 $ 4 Interest cost 1 1 3 2 Expected return on plan assets (1) (2) (3) (3) Net pension cost $ 2 $ 1 $ 4 $ 3 The components of net pension cost other than the service cost component are included in other (income) expenses, net in the condensed consolidated statements of comprehensive income. Other Postretirement Benefits We provide certain postretirement health care, dental and life insurance benefits for eligible employees (the “postretirement benefit plan”). Net postretirement benefit plan cost, by component, was as follows: Three months ended Six months ended June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Service cost $ 2 $ 3 $ 4 $ 6 Interest cost 1 1 2 2 Expected return on plan assets (1) (1) (3) (3) Amortization of unrecognized gain (1) (1) (2) (1) Net postretirement cost $ 1 $ 2 $ 1 $ 4 The components of net postretirement cost other than the service cost component are included in other (income) expenses, net in the condensed consolidated statements of comprehensive income. Defined Contribution Plan We also sponsor a defined contribution retirement savings plan. Participation in this plan is available to substantially all employees. We match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. The cost of this plan was $1 million and $2 million for the three months ended June 30, 2023 and 2022, respectively, and $4 million and $5 million for the six months ended June 30, 2023 and 2022, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTSThe measurement of fair value is based on a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. For the six months ended June 30, 2023 and the year ended December 31, 2022, there were no transfers between levels. Our assets measured at fair value subject to the three-tier hierarchy at June 30, 2023, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (In millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 44 $ — $ — Mutual funds — equity securities 13 — — Total $ 57 $ — $ — Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2022, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (In millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 44 $ — $ — Mutual funds — equity securities 11 — — Total $ 55 $ — $ — As of June 30, 2023 and December 31, 2022, we held certain assets that are required to be measured at fair value on a recurring basis. The assets consist of investments recorded within cash and cash equivalents and other long-term assets, including investments held in a trust associated with our supplemental benefit plans described in Note 6 and certain deferred compensation plan investments. The mutual funds we own are publicly traded and are recorded at fair value based on observable trades for identical securities in an active market. Changes in the observed trading prices and liquidity of money market funds are monitored as additional support for determining fair value. Gains and losses for all mutual fund investments are recorded in other (income) expenses, net. We also held non-financial assets that are required to be measured at fair value on a non-recurring basis. These consist of goodwill and intangible assets. We did not record any impairment charges on long-lived assets and no other significant events occurred requiring non-financial assets and liabilities to be measured at fair value (subsequent to initial recognition) during the three and six months ended June 30, 2023 and 2022. Fair Value of Financial Assets and Liabilities Fixed Rate Debt Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of our consolidated long-term debt and debt maturing within one year, excluding revolving credit agreements and commercial paper, was $6,437 million and $5,849 million at June 30, 2023 and December 31, 2022, respectively. These fair values represent Level 2 under the three-tier hierarchy described above. The total book value of our consolidated long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving credit agreements and commercial paper, was $7,195 million and $6,649 million at June 30, 2023 and December 31, 2022, respectively. Revolving Credit Agreements At June 30, 2023 and December 31, 2022, we had a consolidated total of $338 million and $208 million, respectively, outstanding under our revolving credit agreements, which are variable rate loans. The fair value of these loans approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. These fair values represent Level 2 under the three-tier hierarchy described above. See Note 5 for changes to our revolving credit agreements since December 31, 2022. Other Financial Instruments The carrying value of other financial instruments included in current assets and current liabilities, including cash and cash equivalents, special deposits and commercial paper, approximates their fair value due to the short-term nature of these instruments.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	6 Months Ended
STOCKHOLDER'S EQUITY	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDER'S EQUITY	STOCKHOLDER'S EQUITY Accumulated Other Comprehensive Income (Loss) The following table provides the components of changes in AOCI: Three months ended Six months ended June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Balance at the beginning of period $ 27 $ 14 $ 27 $ (2) Derivative instruments Reclassification of net (gain) loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the six months ended June 30, 2022) (a) (1) — (1) 1 Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $1, $3, $1 and $9 for the three and six months ended June 30, 2023 and 2022, respectively) 3 7 3 22 Total other comprehensive income, net of tax 2 7 2 23 Balance at the end of period $ 29 $ 21 $ 29 $ 21 ____________________________ (a) The reclassification of the net (gain)/loss relating to interest rate cash flow hedges is reported in interest expense, net on a pre-tax basis. The amount of net gain relating to interest rate cash flow hedges to be reclassified from AOCI to earnings for the 12-month period ending June 30, 2024 is expected to be approximately $2 million (net of tax of $1 million). The reclassification is reported in interest expense, net in the condensed consolidated statements of comprehensive income on a pre-tax basis.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	6 Months Ended
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	SHARE-BASED COMPENSATION In the first quarter of 2023, 305,882 PBUs and 242,671 SBUs were granted pursuant to our long-term incentive plans. Generally, each PBU and SBU granted is valued based on one share of Fortis common stock traded on the Toronto Stock Exchange, converted to U.S. dollars. All PBUs and SBUs are classified as liability awards and generally vest on the third January 1st following the grant date, provided the service and performance criteria, as applicable, are satisfied, and will generally be settled during the same quarter. However, certain awards may vest over a shorter period or on the grant date if certain retirement eligibility criteria are met. The aggregate fair value of all outstanding PBUs and SBUs as of June 30, 2023 was $40 million and $28 million, respectively. At June 30, 2023, the total unrecognized compensation cost related to the PBUs and SBUs was $16 million and $13 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTY TRANSACTIONS Related Party Receivables and Payables ITC Holdings may incur charges from Fortis and other subsidiaries of Fortis that are not subsidiaries of ITC Holdings for general corporate expenses incurred. In addition, ITC Holdings may perform additional services for, or receive additional services from, Fortis and such subsidiaries. These transactions are in the normal course of business and payments for these services are settled through accounts receivable and accounts payable, as necessary. We had receivables from Fortis and such subsidiaries of $1 million at June 30, 2023 and December 31, 2022. At June 30, 2023 and December 31, 2022 we had payables to Fortis and such subsidiaries of $4 million and $1 million, respectively. Related party charges for corporate expenses from Fortis and such subsidiaries are recorded in general and administrative expenses in the condensed consolidated statements of comprehensive income. Such expense for each of the three months ended June 30, 2023 and 2022 for ITC Holdings was $3 million, and for each of the six months ended June 30, 2023 and 2022, was $7 million. Related party charges for services to Fortis and other subsidiaries, recorded as an offset to general and administrative expenses for ITC Holdings, were $1 million and $2 million for the three months ended June 30, 2023 and 2022, respectively, and $2 million and $4 million for the six months ended June 30, 2023 and 2022, respectively. Dividends During the six months ended June 30, 2023 and 2022, we paid dividends of $140 million and $128 million, respectively, to ITC Investment Holdings. We also paid dividends of $70 million to ITC Investment Holdings in July 2023. Intercompany Tax Sharing Agreement

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Environmental Matters We are subject to federal, state and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, require reporting of emissions from certain equipment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances. Liabilities relating to investigation and remediation of contamination, as well as other liabilities concerning hazardous materials or contamination, such as claims for personal injury or property damage, may arise at many locations, including formerly owned or operated properties and sites where wastes have been treated or disposed of, as well as properties currently owned or operated by us. Such liabilities may arise even where the contamination does not result from noncompliance with applicable environmental laws. Under some environmental laws, such liabilities may also be joint and several, meaning that a party can be held responsible for more than its share of the liability involved, or even the entire share. Although environmental requirements generally have become more stringent and compliance with those requirements more expensive, we are not aware of any specific developments that would increase our costs for such compliance in a manner that would be expected to have a material adverse effect on our financial condition, results of operations or liquidity. Our assets and operations also involve the use of materials classified as hazardous, toxic or otherwise dangerous. Some of the properties that we own or operate have been used for many years and include older facilities and equipment that may be more likely than newer ones to contain or be made from such materials. Some of these properties include above ground or underground storage tanks and associated piping. Some of them also include large electrical equipment filled with mineral oil, which may contain or previously have contained PCBs. Some of our facilities and electrical equipment may also contain asbestos containing materials. Our facilities and equipment are often situated close to or on property owned by others so that, if they are the source of contamination, the property of others may be affected. For example, above ground and underground transmission lines sometimes traverse properties that we do not own and transmission assets that we own or operate are sometimes commingled at our transmission stations with distribution assets owned or operated by our transmission customers. Some properties in which we have an ownership interest or at which we operate are, or are suspected of being, affected by environmental contamination. We are not aware of any pending or threatened claims against us with respect to environmental contamination relating to these properties, or of any investigation or remediation of contamination at these properties, that entail costs likely to materially affect us. Some facilities and properties are located near environmentally sensitive areas, including wetlands and habitat for threatened and endangered species. Litigation We are involved in certain legal proceedings before various courts, governmental agencies and mediation panels concerning matters arising in the ordinary course of business. These proceedings include certain contract disputes, eminent domain and vegetation management activities, regulatory matters and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that are considered probable of loss. Rate of Return on Equity Complaints Two complaints were filed with the FERC by combinations of consumer advocates, consumer groups, municipal parties and other parties challenging the base ROE in MISO. The complaints were filed with the FERC under Section 206 of the FPA requesting that the FERC find the MISO regional base ROE rate (the “base ROE”) for all MISO TO’s, including our MISO Regulated Operating Subsidiaries, to no longer be just and reasonable. Initial Complaint On November 12, 2013, the Association of Businesses Advocating Tariff Equity, Coalition of MISO Transmission Customers, Illinois Industrial Energy Consumers, Indiana Industrial Energy Consumers, Inc., Minnesota Large Industrial Group and Wisconsin Industrial Energy Group (collectively, the “complainants”) filed the Initial Complaint with the FERC. The complainants sought a FERC order to reduce the base ROE used in the formula transmission rates for our MISO Regulated Operating Subsidiaries to 9.15%, reducing the equity component of our capital structure and terminating the ROE adders approved for certain Regulated Operating Subsidiaries. The FERC set the base ROE for hearing and settlement procedures, while denying all other aspects of the Initial Complaint. The ROE collected through the MISO Regulated Operating Subsidiaries’ rates during the period November 12, 2013 through September 27, 2016 consisted of a base ROE of 12.38% plus applicable incentive adders. Second Complaint On February 12, 2015, the Second Complaint was filed with the FERC by Arkansas Electric Cooperative Corporation, Mississippi Delta Energy Agency, Clarksdale Public Utilities Commission, Public Service Commission of Yazoo City and Hoosier Energy Rural Electric Cooperative, Inc., seeking a FERC order to reduce the base ROE used in the formula transmission rates of our MISO Regulated Operating Subsidiaries to 8.67%, with an effective date of February 12, 2015. On June 30, 2016, the presiding ALJ issued an initial decision that recommended a base ROE of 9.70% for the refund period from February 12, 2015 through May 11, 2016, with a maximum ROE of 10.68%, which also would be applicable going forward from the date of a final FERC order. The Second Complaint was dismissed as a result of an order issued by the FERC on November 21, 2019 and the dismissal of the complaint was reaffirmed in the May 2020 Order. FERC Orders Since the filing of the Initial Complaint, the FERC has issued separate orders in these proceedings on September 28, 2016, November 21, 2019 and May 21, 2020. These orders resulted in multiple revisions to the base ROE and refund settlements. The MISO TOs, along with our MISO Regulated Operating Subsidiaries, and other various parties have challenged certain aspects of these orders through requests for rehearing. In the most recent order, the FERC determined that a methodology using three financial models should be used to determine the base ROE. By applying the new methodology, the FERC determined that the base ROE for the Initial Complaint should be 10.02% and the top of the range of reasonableness for that period should be 12.62%. The FERC determined that this base ROE should apply during the first refund period of November 12, 2013 to February 11, 2015 and from the date of the order issued by the FERC on September 28, 2016 prospectively. The FERC ordered refunds to be made in accordance with the May 2020 Order. Refund settlements were finalized by March 31, 2022 and, during the six months ended June 30, 2022, we received net settlement payments of less than $1 million owed from customers. August 2022 D.C. Circuit Court Decision On August 9, 2022, in response to appeals of the FERC's orders on the MISO ROE Complaints, the D.C. Circuit Court issued an opinion that rejected the FERC’s use of a risk premium model in the methodology used to determine the revised base ROE for MISO TOs. The D.C. Circuit Court decision vacated the FERC’s orders on the MISO ROE Complaints, dismissed the remaining outstanding appeals of these orders and remanded the matter to the FERC for further proceedings. It is possible that the base ROE established in the May 2020 Order may be revised and that we could be required to provide additional material refunds upon resolution of the proceedings. We are awaiting action by the FERC in these proceedings to provide further insight into possible changes to our base ROE and the periods for which a revised ROE applies. We cannot predict whether these proceedings will have a material impact, or estimate the possible impact, on our financial condition, results of operations or cash flows. See Note 4 for a summary of our base ROE and incentive adders for transmission rates. As of June 30, 2023, our MISO Regulated Operating Subsidiaries had a total of approximately $5 billion of equity in their collective capital structures for ratemaking purposes. Based on this level of aggregate equity, we estimate that each 10 basis point change in the authorized ROE would impact annual consolidated net income by approximately $5 million.

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	6 Months Ended
SUPPLEMENTAL FINANCIAL INFORMATION	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL FINANCIAL INFORMATION	SUPPLEMENTAL FINANCIAL INFORMATION Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed consolidated statements of financial position that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: June 30, December 31, (In millions of USD) 2023 2022 2022 2021 Cash and cash equivalents $ 296 $ 18 $ 4 $ 5 Restricted cash included in: Other non-current assets 3 2 2 2 Total cash, cash equivalents and restricted cash $ 299 $ 20 $ 6 $ 7 The increase in cash and cash equivalents as of June 30, 2023 was primarily a result of the June 1, 2023 issuance of $800 million of Senior Notes at ITC Holdings. We expect to utilize the unused net proceeds of cash and cash equivalents from this issuance to fund short-term (within twelve months) capital requirements. See Note 5 for additional information on the June 1, 2023 debt issuance at ITC Holdings, including the initial uses of net proceeds therefrom. Restricted cash included in other non-current assets primarily represents cash on deposit to pay for vegetation management, land easements and land purchases for the purpose of transmission line construction as well as amounts liquidated to make benefit payments related to our supplemental benefit plans. Supplementary Cash Flows Information Six months ended June 30, (In millions of USD) 2023 2022 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 149 $ 121 Income taxes paid 25 5 Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 90 124 Allowance for equity funds used during construction 22 17 Other 1 1 ____________________________ (a) Amounts consist of current and accrued liabilities for construction, labor, materials and other costs that have not been included in investing activities. These amounts have not been paid for as of June 30, 2023 or 2022, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION We identify reportable segments based on the criteria set forth by the FASB regarding disclosures about segments of an enterprise, including the regulatory environment of our subsidiaries and the business activities performed to earn revenues and incur expenses. The following tables show our financial information by reportable segment: Three months ended Six months ended OPERATING REVENUES: June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Regulated Operating Subsidiaries $ 396 $ 376 $ 788 $ 750 Intercompany eliminations (9) (9) (18) (18) Total operating revenues $ 387 $ 367 $ 770 $ 732 Three months ended Six months ended INCOME (LOSS) BEFORE INCOME TAXES: June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Regulated Operating Subsidiaries $ 194 $ 184 $ 384 $ 364 ITC Holdings and other (39) (40) (81) (80) Total income before income taxes $ 155 $ 144 $ 303 $ 284 Three months ended Six months ended NET INCOME: June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Regulated Operating Subsidiaries $ 146 $ 138 $ 290 $ 273 ITC Holdings and other 118 111 230 217 Intercompany eliminations (146) (138) (290) (273) Total net income $ 118 $ 111 $ 230 $ 217 TOTAL ASSETS: June 30, December 31, (In millions of USD) 2023 2022 Regulated Operating Subsidiaries $ 12,407 $ 12,005 ITC Holdings and other 6,848 6,378 Reconciliations / intercompany eliminations (a) (6,441) (6,252) Total assets $ 12,814 $ 12,131 ____________________________ (a) Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities in our segments as compared to the classification in our condensed consolidated statements of financial position.

GENERAL (Policies)

GENERAL (Policies)	6 Months Ended
GENERAL (Policies)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These condensed consolidated interim financial statements should be read in conjunction with the notes to the consolidated financial statements as of and for the year ended December 31, 2022 included in ITC Holdings’ annual report on Form 10-K for such period. The accompanying condensed consolidated interim financial statements have been prepared using GAAP and with the instructions to Form 10-Q and Rule 10-01 of SEC Regulation S-X as they apply to interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These accounting principles require us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The condensed consolidated interim financial statements are unaudited but, in our opinion, include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.

REVENUE (Policies)

REVENUE (Policies)	6 Months Ended
REVENUE (Policies)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition, Policy	Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collect fees for the use of our transmission systems. No component of the transaction price is allocated to unsatisfied performance obligations. Transmission service revenue includes an estimate for unbilled revenues from service that has been provided but not billed by the end of an accounting period. Unbilled revenues are dependent upon a number of factors that require management’s judgment including estimates of transmission network load (for the MISO Regulated Operating Subsidiaries) and preliminary information provided by billing agents. Due to the seasonal fluctuations of actual load, the unbilled revenue amount generally increases during the spring and summer and decreases during the fall and winter. See Note 3 for information on changes in unbilled accounts receivable. Other Services Other services revenue consists of rental revenues, easement revenues and amounts from providing ancillary services. A portion of other services revenue is treated as a revenue credit and reduces gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue for each of the three months ended June 30, 2023 and 2022 was $1 million. Total other services revenue for the six months ended June 30, 2023 and 2022 was $3 million and $2 million, respectively. Formula Rate True-Up The true-up mechanism under our Formula Rates is considered an alternative revenue program of a rate-regulated utility given it permits our Regulated Operating Subsidiaries to adjust future rates in response to past activities or completed events in order to collect our actual revenue requirements under our Formula Rates. In accordance with our accounting policy, only the current year origination of the true-up is reported as a Formula Rate true-up. See “Cost-Based Formula Rates with True-Up Mechanism” in Note 4 for more information on our Formula Rates.

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	6 Months Ended
ACCOUNTS RECEIVABLE (Tables)	Jun. 30, 2023
Receivables [Abstract]
Components of accounts receivable	The following table presents the components of accounts receivable on the condensed consolidated statements of financial position: June 30, December 31, (In millions of USD) 2023 2022 Trade accounts receivable $ 2 $ 2 Unbilled accounts receivable 155 124 Other (a) 14 13 Total accounts receivable $ 171 $ 139 ____________________________ (a) Includes amounts due from affiliates, see “Related Party Receivables and Payables” in Note 10 for additional information.

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	6 Months Ended
REGULATORY MATTERS (Tables)	Jun. 30, 2023
Regulated Operations [Abstract]
Net Changes in Regulatory Assets and Liabilities	The net changes in regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, were as follows during the six months ended June 30, 2023: (In millions of USD) Total Net regulatory liabilities as of December 31, 2022 $ (20) Net refund of 2021 revenue deferrals and accruals, including accrued interest 6 Net revenue accrual, including accrued interest 30 Net accrued interest payable (1) Net regulatory assets as of June 30, 2023 $ 15
Schedule of Regulatory Assets and Liabilities	Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded in the condensed consolidated statements of financial position as follows: June 30, December 31, (In millions of USD) 2023 2022 Current regulatory assets $ 21 $ 12 Non-current regulatory assets 45 29 Current regulatory liabilities (31) (22) Non-current regulatory liabilities (20) (39) Net regulatory assets (liabilities) $ 15 $ (20)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Revolving Credit Agreements	At June 30, 2023, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available: (In millions of USD, except percentages) Total Outstanding Unused Weighted Average Commitment ITC Holdings $ 400 $ — $ 400 — % 0.175 % ITCTransmission 175 98 77 6.14 % 0.100 % METC 175 88 87 6.14 % 0.100 % ITC Midwest 225 132 93 6.14 % 0.100 % ITC Great Plains 25 20 5 6.14 % 0.100 % Total $ 1,000 $ 338 $ 662 ____________________________ (a) Represents the current borrowing sublimit. Individual sublimits may be adjusted, subject to certain maximum individual sublimits and the aggregate limit under the Revolving Credit Agreement. (b) Included within long-term debt in the condensed consolidated statements of financial position. (c) Interest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing. (d) Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.

RETIREMENT BENEFITS AND ASSET_2

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	6 Months Ended
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	Jun. 30, 2023
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Net Defined Benefit Cost Components	Net periodic benefit cost for the pension plans, by component, was as follows: Three months ended Six months ended June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Service cost $ 2 $ 2 $ 4 $ 4 Interest cost 1 1 3 2 Expected return on plan assets (1) (2) (3) (3) Net pension cost $ 2 $ 1 $ 4 $ 3
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Net Defined Benefit Cost Components	Net postretirement benefit plan cost, by component, was as follows: Three months ended Six months ended June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Service cost $ 2 $ 3 $ 4 $ 6 Interest cost 1 1 2 2 Expected return on plan assets (1) (1) (3) (3) Amortization of unrecognized gain (1) (1) (2) (1) Net postretirement cost $ 1 $ 2 $ 1 $ 4

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended	12 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Assets and Liabilities at Fair Value Subject to Three-Tier Hierarchy	Our assets measured at fair value subject to the three-tier hierarchy at June 30, 2023, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (In millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 44 $ — $ — Mutual funds — equity securities 13 — — Total $ 57 $ — $ —	Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2022, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (In millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 44 $ — $ — Mutual funds — equity securities 11 — — Total $ 55 $ — $ —

STOCKHOLDER'S EQUITY (Tables)

STOCKHOLDER'S EQUITY (Tables)	6 Months Ended
STOCKHOLDER'S EQUITY (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table provides the components of changes in AOCI: Three months ended Six months ended June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Balance at the beginning of period $ 27 $ 14 $ 27 $ (2) Derivative instruments Reclassification of net (gain) loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the six months ended June 30, 2022) (a) (1) — (1) 1 Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $1, $3, $1 and $9 for the three and six months ended June 30, 2023 and 2022, respectively) 3 7 3 22 Total other comprehensive income, net of tax 2 7 2 23 Balance at the end of period $ 29 $ 21 $ 29 $ 21 ____________________________ (a) The reclassification of the net (gain)/loss relating to interest rate cash flow hedges is reported in interest expense, net on a pre-tax basis.

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	6 Months Ended
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed consolidated statements of financial position that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: June 30, December 31, (In millions of USD) 2023 2022 2022 2021 Cash and cash equivalents $ 296 $ 18 $ 4 $ 5 Restricted cash included in: Other non-current assets 3 2 2 2 Total cash, cash equivalents and restricted cash $ 299 $ 20 $ 6 $ 7
Supplementary Cash Flow Information	Supplementary Cash Flows Information Six months ended June 30, (In millions of USD) 2023 2022 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 149 $ 121 Income taxes paid 25 5 Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 90 124 Allowance for equity funds used during construction 22 17 Other 1 1 ____________________________ (a) Amounts consist of current and accrued liabilities for construction, labor, materials and other costs that have not been included in investing activities. These amounts have not been paid for as of June 30, 2023 or 2022, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	The following tables show our financial information by reportable segment: Three months ended Six months ended OPERATING REVENUES: June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Regulated Operating Subsidiaries $ 396 $ 376 $ 788 $ 750 Intercompany eliminations (9) (9) (18) (18) Total operating revenues $ 387 $ 367 $ 770 $ 732 Three months ended Six months ended INCOME (LOSS) BEFORE INCOME TAXES: June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Regulated Operating Subsidiaries $ 194 $ 184 $ 384 $ 364 ITC Holdings and other (39) (40) (81) (80) Total income before income taxes $ 155 $ 144 $ 303 $ 284 Three months ended Six months ended NET INCOME: June 30, June 30, (In millions of USD) 2023 2022 2023 2022 Regulated Operating Subsidiaries $ 146 $ 138 $ 290 $ 273 ITC Holdings and other 118 111 230 217 Intercompany eliminations (146) (138) (290) (273) Total net income $ 118 $ 111 $ 230 $ 217 TOTAL ASSETS: June 30, December 31, (In millions of USD) 2023 2022 Regulated Operating Subsidiaries $ 12,407 $ 12,005 ITC Holdings and other 6,848 6,378 Reconciliations / intercompany eliminations (a) (6,441) (6,252) Total assets $ 12,814 $ 12,131 ____________________________ (a) Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities in our segments as compared to the classification in our condensed consolidated statements of financial position.

GENERAL (Details)

GENERAL (Details)	6 Months Ended
GENERAL (Details)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership Percentage of Minority Investor	19.90%

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 393	$ 387	$ 739	$ 714
Other services
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 1	$ 1	$ 3	$ 2

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 171	$ 139
Unbilled accounts receivable	155	124
Other Receivables	14	13
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 2	$ 2

REGULATORY MATTERS Net Changes

REGULATORY MATTERS Net Changes in Regulatory Assets and Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Revenue Accruals and Deferrals
Net Regulatory Asset (Liability) Associated with Revenue Accruals and Deferrals	$ (20)
Net refund of 2021 revenue deferrals and accruals, including accrued interest	6
Net revenue accrual, including accrued interest	30
Net accrued interest payable	(1)
Net Regulatory Asset (Liability) Associated with Revenue Accruals and Deferrals	$ 15

REGULATORY MATTERS Schedule of

REGULATORY MATTERS Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	$ 21	$ 12
Non-current regulatory assets	200	181
Current regulatory liabilities	(31)	(22)
Non-current regulatory liabilities	(662)	(676)
Net regulatory assets (liabilities)	15	(20)
Revenue Deferrals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory liabilities	(31)	(22)
Non-current regulatory liabilities	(20)	(39)
Revenue Accruals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	21	12
Non-current regulatory assets	$ 45	$ 29

REGULATORY MATTERS (Details)

REGULATORY MATTERS (Details)		6 Months Ended
REGULATORY MATTERS (Details)	May 10, 2022	Jun. 30, 2023	Jun. 30, 2022
Regulatory Liabilities [Line Items]
Transmission Rate, Applicable Period		1 year
Revenue true-up amount reflected in customer bill, period of recognition		2 years
MISO Operating Subsidiaries
Regulatory Liabilities [Line Items]
Incentive Adder for Independent Transmission Ownership		25	25
Basis Point Incentive Adder for RTO Participation		50	50
Public Utilities, Approved Return on Equity, Percentage		10.77%	10.77%
ITC Great Plains LLC [Member]
Regulatory Liabilities [Line Items]
Incentive Adder for Independent Transmission Ownership		25	25
Basis Point Incentive Adder for RTO Participation		50	50
Public Utilities, Approved Return on Equity, Percentage		11.41%	11.41%
ITC Midwest LLC [Member]
Regulatory Liabilities [Line Items]
Public Utilities, Approved Equity Capital Structure, Percentage	60%
Requested Equity Capital Structure by ICAT	53%
Minimum [Member] \| MISO Operating Subsidiaries
Regulatory Liabilities [Line Items]
Public Utilities, Approved Return on Equity, Percentage		10.02%	10.02%
Minimum [Member] \| ITC Great Plains LLC [Member]
Regulatory Liabilities [Line Items]
Public Utilities, Approved Return on Equity, Percentage		10.66%	10.66%

DEBT Schedule of Revolving Cred

DEBT Schedule of Revolving Credit Agreements (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Total available capacity	$ 1,000
Outstanding Balance	338	$ 208
Unused Capacity	662
ITC Holdings Corp. [Member]
Line of Credit Facility [Line Items]
Total available capacity	400
Outstanding Balance	0
Unused Capacity	$ 400
Debt, Weighted Average Interest Rate	0%
Commitment Fee Rate	0.175%
ITCTransmission [Member]
Line of Credit Facility [Line Items]
Total available capacity	$ 175
Outstanding Balance	98
Unused Capacity	$ 77
Debt, Weighted Average Interest Rate	6.14%
Commitment Fee Rate	0.10%
METC LLC [Member]
Line of Credit Facility [Line Items]
Total available capacity	$ 175
Outstanding Balance	88
Unused Capacity	$ 87
Debt, Weighted Average Interest Rate	6.14%
Commitment Fee Rate	0.10%
ITC Midwest LLC [Member]
Line of Credit Facility [Line Items]
Total available capacity	$ 225
Outstanding Balance	132
Unused Capacity	$ 93
Debt, Weighted Average Interest Rate	6.14%
Commitment Fee Rate	0.10%
ITC Great Plains LLC [Member]
Line of Credit Facility [Line Items]
Total available capacity	$ 25
Outstanding Balance	20
Unused Capacity	$ 5
Debt, Weighted Average Interest Rate	6.14%
Commitment Fee Rate	0.10%

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions	3 Months Ended
DEBT (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000
Treasury Lock
Debt Instrument [Line Items]
Derivative, Term of Contract	10 years
Derivative, Notional Amount	$ 500
Derivative, Average Fixed Interest Rate	3.46%
Derivative, Average Variable Interest Rate	3.57%
Gain (Loss) on Sale of Derivatives	$ 4
ITC Holdings Corp. [Member]
Debt Instrument [Line Items]
Commercial Paper Program, Maximum Authorized Amount Outstanding	400
Commercial Paper	0		$ 134
ITC Holdings Corp. [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 800
ITC Holdings Corp. [Member] \| Senior Notes, Due June 1, 2033 \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 500
Interest Rate		5.40%
ITC Holdings Corp. [Member] \| Senior Notes, Due September 22, 2027 \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 900
Interest Rate		4.95%
ITC Holdings Corp. [Member] \| Senior Notes, Due July 1, 2023 \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 250
Interest Rate	4.05%
ITC Holdings Corp. [Member] \| Senior Notes Additional Principal, Due September 22, 2027 \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 300
Interest Rate		4.95%

RETIREMENT BENEFITS AND ASSET_3

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Schedule of Net Defined Benefit Cost Components (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2	$ 4	$ 4
Interest cost	1	1	3	2
Expected return on plan assets	(1)	(2)	(3)	(3)
Net cost	2	1	4	3
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	3	4	6
Interest cost	1	1	2	2
Expected return on plan assets	(1)	(1)	(3)	(3)
Amortization of unrecognized gain	(1)	(1)	(2)	(1)
Net cost	$ 1	$ 2	$ 1	$ 4

RETIREMENT BENEFITS AND ASSET_4

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 1	$ 2	$ 4	$ 5

FAIR VALUE MEASUREMENTS Assets

FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value Subject to Three-Tier Hierarchy (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Net Asset (Liability)	$ 57	$ 55
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Net Asset (Liability)	0	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Net Asset (Liability)	0	0
Mutual fund - fixed income securities [Member] \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Mutual funds	44	44
Mutual fund - equity securities [Member] \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Mutual funds	$ 13	$ 11

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements and commercial paper	$ 6,437	$ 5,849
Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving and term loan credit agreements and commercial paper	7,195	6,649
Outstanding balance under revolving credit agreements	$ 338	$ 208

STOCKHOLDER'S EQUITY Changes in

STOCKHOLDER'S EQUITY Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Balance at the beginning of period	$ 27	$ 14	$ (2)	$ 27	$ (2)
Reclassification of net (gain) loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the six months ended June 30, 2022) (a)	(1)	0		(1)	1
Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $1, $3, $1 and $9 for the three and six months ended June 30, 2023 and 2022, respectively)	3	7		3	22
Balance at the end of period	29	21	14	29	21
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax					1
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	1	3		1	9
Total other comprehensive income, net of tax	$ 2	$ 7	$ 16	$ 2	$ 23

STOCKHOLDER'S EQUITY (Details)

STOCKHOLDER'S EQUITY (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
STOCKHOLDER'S EQUITY (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2024
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 1	$ 0	$ 1	$ (1)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax				$ 1
Forecast [Member]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					$ 2
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax					$ 1

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted \| shares	305,882
Aggregate fair value of PBUs or SBUs	$ 40
Total unrecognized compensation cost	$ 16
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted \| shares	242,671
Aggregate fair value of PBUs or SBUs	$ 28
Total unrecognized compensation cost	$ 13

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended				6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts receivable		$ 171				$ 171		$ 139
Accounts payable		96				96		112
General and administrative		26		$ 26		60	$ 59
Other operating (income) expenses, net		1		0		1	0
Payments of Dividends		70	$ 70	64	$ 64	140	128
Income Taxes Paid						25	5
Accrued taxes		78				78		72
Fortis Inc. \| Related Party
Accounts receivable		1				1		1
Accounts payable		4				4		$ 1
General and administrative		3		3		7	7
Other operating (income) expenses, net		1		$ 2		2	4
ITC Investment Holdings \| Related Party
Payments of Dividends						140	128
Income Taxes Paid						25	$ 5
Accrued taxes		$ 1				$ 1
Subsequent Event \| ITC Investment Holdings \| Related Party
Payments of Dividends	$ 70

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - MISO Operating Subsidiaries $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	May 21, 2020	Sep. 28, 2016	Jun. 30, 2016	Feb. 12, 2015	Nov. 12, 2013
Commitments and Contingent Liabilities [Line Items]
Customer Refund Liability, Current	$ 1
Equity in capital structure for ratemaking purposes		$ 5,000
Incentive Adder for Independent Transmission Ownership		10
Effect on net income from 10 basis point reduction in the authorized base return on equity		$ 5
Rate of Return on Equity and Capital Structure Initial Complaint
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity				12.38%			9.15%
Rate of Return on Equity and Capital Structure Second Complaint
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity						8.67%
Minimum [Member] \| Rate of Return on Equity and Capital Structure Initial Complaint
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity			10.02%
Minimum [Member] \| Rate of Return on Equity and Complaint Structure ALJ Decision
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity					9.70%
Maximum [Member] \| Rate of Return on Equity and Capital Structure Initial Complaint
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity			12.62%
Maximum [Member] \| Rate of Return on Equity and Complaint Structure ALJ Decision
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity					10.68%

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION Restricted cash reconciliation (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 296	$ 4	$ 18	$ 5
Restricted Cash, included in other non-current assets	3	2	2	2
Cash, Cash Equivalents and Restricted Cash	$ 299	$ 6	$ 20	$ 7

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Interest paid (net of interest capitalized)			$ 149	$ 121
Income Taxes Paid			25	5
Additions to property, plant and equipment and other long-lived assets			90	124
Allowance for equity funds used during construction	$ 11	$ 8	22	17
Other Non-cash Investing and Financing			$ 1	$ 1

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
OPERATING REVENUES:
Operating revenues	$ 387		$ 367		$ 770	$ 732
INCOME (LOSS) BEFORE INCOME TAXES:
Income (loss) before income taxes	155		144		303	284
NET INCOME:
Net income	118	$ 112	111	$ 106	230	217
TOTAL ASSETS:
Assets	12,814				12,814		$ 12,131
Regulated Operating Subsidiaries
OPERATING REVENUES:
Operating revenues	396		376		788	750
INCOME (LOSS) BEFORE INCOME TAXES:
Income (loss) before income taxes	194		184		384	364
NET INCOME:
Net income	146		138		290	273
TOTAL ASSETS:
Assets	12,407				12,407		12,005
Intercompany eliminations
OPERATING REVENUES:
Operating revenues	(9)		(9)		(18)	(18)
NET INCOME:
Net income	(146)		(138)		(290)	(273)
TOTAL ASSETS:
Assets	(6,441)				(6,441)		(6,252)
ITC Holdings and other
INCOME (LOSS) BEFORE INCOME TAXES:
Income (loss) before income taxes	(39)		(40)		(81)	(80)
NET INCOME:
Net income	118		$ 111		230	$ 217
TOTAL ASSETS:
Assets	$ 6,848				$ 6,848		$ 6,378